The Reserve Bank of India has set up a Regulations Review Authority (RRA 2.0), initially for a period of one year from May 01, 2021, vide press release dated April 15, 2021. The RRA will review the regulatory prescriptions internally as well as by seeking suggestions from the RBI regulated entities and other stakeholders on their simplification and ease of implementation.
2. The RRA has constituted an Advisory Group, representing members from regulated entities, including compliance officers, to support the RRA in achieving the objective set forth in the terms of reference of RRA 2.0. The Group will assist the RRA by identifying areas/ regulations/ guidelines/ returns which can be rationalized and submit reports periodically to RRA containing the recommendations/ suggestions. The composition of the Group is as under:
|1.||Shri S. Janakiraman, Managing Director, State Bank of India||Chairman|
|2.||Shri T. T. Srinivasaraghavan, Former MD & Non-Executive Director, Sundaram Finance||Member|
|3.||Shri Gautam Thakur, Chairman, Saraswat Co-operative Bank Ltd.||Member|
|4.||Shri Subir Saha, Group Chief Compliance Officer, ICICI Bank Ltd.||Member|
|5.||Shri Ravi Duvvuru, President & CCO, Jana Small Finance Bank||Member|
|6.||Shri Abadaan Viccaji, Chief Compliance Officer, HSBC India||Member|
3. To undertake its preparatory work, the Group has decided to invite feedback and suggestions from all regulated entities, industry bodies and other stakeholders. The suggestion and feedback may be e-mailed latest by June 15, 2021 to the email with the subject line ‘Suggestions to the Advisory Group of RRA’.